Plan to transform London as â??new Silicon Valleyâ??

The East End of London will transform into a buzzing technology hub to rival California's Silicon Valley, if new plans unveiled by David Cameron come to fruition.

Britain’s Prime Minister will in a speech today claim there is an "overwhelming" interest from major tech firms from around the world to invest in what is being dubbed the ‘East London Tech City’.

Cameron will say the likes of Facebook and Google are already committed to the plans.

The initiative comes as the Coalition Government pins its hopes on reviving the UK economy by slashing public jobs – around half a million of them – and hoping the public sector will fill the cavern with new jobs.

“We're not just going to back the big businesses of today, we're going to back the big businesses of tomorrow,” Cameron is expected to say.

“We are firmly on the side of the high-growth, highly innovative companies of the future. Don't doubt our ambition,” he will add.

Companies set to invest in the area include Google, Facebook, Cisco, Intel and British Telecom.

The games industry has, as yet, not been revealed as a sector designed to thrive in the new ‘tech city’.

“Right now, Silicon Valley is the leading place in the world for hi-tech growth and innovation. But there's no reason why it has to be so predominant,” Cameron’s speech paper read.

“Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world's great technology centres."